Next steps for Mid-Continent’s campus

Tim Walker, vice president for finance and administration for Mid-Continent University, updated Local 6 on the next steps for the closed university in Graves County.

Walker says the MCU Board of Trustees will meet next Tuesday to take action on approving the sale of the campus. That’s one of the important points Walker said the school updated U.S. Bankruptcy Court on Thursday.

Other important information Walker said the school informed the court of includes:

Huntington Bank, the trustee for bond holders with interest in the university’s campus, has asked for the property be officially listed for sale.

MCU has been discussing the sale and use of the campus with interested parties, but listing it for sale will expand the reach.

A “For Sale” sign won’t keep MCU from continuing with its plan to use the campus once it can show certain payment obligations can be met. He said the collection of student debt is an important part of that plan.

MCU is finalizing its agreement with the Kentucky Attorney General’s Office and expects to finish the signing and filing of that agreement for public record within two weeks.